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THE PATHWAY TO
HOMEOWNERSHIP
Shared Equity Homeownership.
One of the biggest obstacles to buying a home are the high prices of homes. Shared equity homeownership is a way to lower the cost of buying a home, it enables people to buy a home with a reduced mortgage. Benefits of our shared equity homeownership program include:
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Helps low to moderate income earners become homeowners
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Lower home prices for buyers
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Owner builds personal wealth from equity in their home
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Strengthens communities by protecting long term affordability and property values
The video below was produced by Grounded Solutions Network, a national expert on community land trusts. Watch it to learn more about community land trusts and how shared equity works!
How to Apply for Shared Equity.
By completing these goals you will be eligible to join the Ready Buyer Pool. When a home becomes available everyone in the Ready Buyer Pool will notified and have the opportunity to apply for Buyer Selection for the property. A buyer will then be chosen for the home from the Buyer Selection process by the CICLT using an objective scoring system ensuring accuracy and fairness to assess a family’s financial and housing stability, ability to benefit from the program, and readiness for future homeownership.
1. Complete Homebuyer Education
The Central Iowa Community Land Trust requires all households to complete HUD Certified Homebuyer Education before applying for the program. We partner with HOME, Inc. who provides Homebuyer Education classes monthly. You can register for their Homebuyer Education classes here!
2. Complete Pre-Purchase Counseling
The Central Iowa Community Land Trust requires all households to complete HUD certified Pre-Purchase Counseling before applying for the program. We partner with HOME, Inc. who facilitates Pre-Purchase Counseling with their HUD Ceritified Housing Counselors. You can register for their Pre-Purchase Counseling here!
3. Attend a Shared Equity Information Session within the Last Year
To fully understand the benefits and requirements of our Shared Equity Program this FREE 1 hour meeting is required for anyone considering purchasing a home through our program. You can schedule a time by emailing info@ciclt.org
4. Complete the Application for the Ready Buyer Pool
This application provides us with the necessary information to assess your eligibility for our Shared Equity Program. We require many documents to verify both your eligibility and your income and assets to complete your application. Apply here!
5. Enter Buyer Selection for Homes
Once your application is complete and CICLT has let you know that you qualify for the program, you’ll be able to enter into the Buyer Selection for homes that you like and are affordable to you. Click here for more information about Buyer Selection.
Need Help Getting Started?
Not a problem! If you are interested in pursuing homeownership in the CICLT, fill out this interest form below and we will reach out with support and next steps on what you need to do to become eligible for our Shared Equity Program and entering the Ready Buyer Pool.